18-12-2023 10:46 AM | Source: Kedia Advisory
SELL JPYINR DEC @ 58.7 SL 58.9 TGT 57.5-58.35 - Kedia Advisory
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USDINR

Observations

USDINR trading range for the day is 82.72-83.5.

Rupee gains amid heavy dollar inflows and a sharp rally in domestic equity markets to fresh record highs.

ADB revises India's FY 2023–24 economic expansion forecast to 6.7%.

India's merchandise trade deficit narrowed to USD 20.6 billion in November 2023 from USD 22.1 billion in the same month last year

SELL USDINR DEC @ 83.15 SL 83.28 TGT 83-82.9.

 

EURINR

Observations

EURINR trading range for the day is 90.44-92.

Euro pared all gains after downturn in euro zone business activity surprisingly deepened in December

The German economy is set to shrink slightly this year and barely grow the next as demand from abroad is weak

The HCOB Eurozone Services PMI fell to 48.1 in December of 2023 from 48.7 in the previous month

SELL EURINR DEC @ 91.05 SL 91.25 TGT 90.75-90.55.

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GBPINR

Observations

GBPINR trading range for the day is 105.49-106.65.

GBP remained supported after data from the UK revealed an acceleration in the growth pace of the private sector's economic activity.

The S&P Global/CIPS UK Services PMI rose to 53.7 in December of 2023 from 50.9 in the previous month, above expectations of 51

The GfK Consumer Confidence indicator in the United Kingdom rose to -22 in December 2023 from -24 in November

SELL GBPINR DEC @ 106 SL 106.3 TGT 105.65-105.4.

 

JPYINR

Observations

JPYINR trading range for the day is 58.4-59.06.

JPY dropped on profit booking undermined by expectations for a hawkish BoJ pivot in 2024.

Japan's factory activity shrank for a seventh straight month in December

The au Jibun Bank Japan Services PMI rose to 52 in December 2023 from 50.8 in November

SELL JPYINR DEC @ 58.7 SL 58.9 TGT 57.5-58.35.

 

 

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